The vicissitudes of Purchasing Power Parity of Pakistan Rupees vis-à-vis other currencies, during the past 60 years, make fascinating reading. From August 14, 1947 till September 17, 1971 Pakistan Rupees was pegged to the pound sterling - a legacy of the country's link to the former British rulers - as a member of the British Commonwealth of Nations.
Following the East Pakistan debacle, when Pakistan's association with the Commonwealth was broken, Pakistan switched its links to the US Dollar. Also, till June 30, 1955 Pakistan Rupee was following the centuries old practice of dividing rupees into annas and pies for accounting purposes (and rupees, annas and paisas as well as pies, for coinage).
During 1955 the metric system of weights, measures and coinage was introduced, dividing rupees into 100 new paisas. For consistency's sake, and ease of comparison, we start our story from July 1, 1955. Prior to that date, the official rate of exchange was Pak Rs 3.31 per US dollar, which was changed on July 1, 1955, to P Rs 4.76 per dollar, as a result of devaluation. That is our starting point.
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SUMMARY OF EXCHANGE RATE MOVEMENTS
PAKISTAN RS VERSUS US DOLLAR
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(SPOT RATES)
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Effective Official or Average rate Median Remarks
Date or InterBank for the Month Rate
Period Rate or period
Bid Offer Bid Offer
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Period upto 30.6.1955 - - - - 3.31
1.7.1955 to 10.5.1972 - - - - 4.76
11.5.1972 to 13.2.1973 - - - - 11.00
14.2.1973 to 7.1.1982 - - - - 9.90
08.1.1982 to 30.12.1982 - - - - 10.10 Controlled
Float
31.12.1982 - - - - 12.84
31.12.1983 - - - - 13.50
31.12.1984 - - - - 15.36
31.12.1985 - - - - 15.98
31.12.1986 - - - - 17.25
31.12.1987 - - - - 17.45
31.12.1988 - - - - 18.65
31.12.1989 - - - - 21.42
31.12.1990 - - - - 21.90
21.12.1991 24.72 24.84 24.01 23.13 24.72
29.12.1992 25.70 25.86 25.68 25.80 25.76
22.12.1993 30.12 30.27 28.96 29.10 30.15
31.08.1994 30.65 30.80 30.60 30.76 30.88
07.12.1995 31.12 31.26 31.12 31.28 34.28
22.10.1996 40.12 40.32 38.55 38.74 -
15.10.1997 44.05 44.49 44.05 44.49 -
22.07 1998 46.00 46.23 46.08 46.19 -
31 12.1998 46.00 46.23 46.00 46.23 -
19.05 1999 52.10 52.30 - - - Informally
controlled
float
Dec 30, 1999 51.90 51.90 51.90 51.90 51.90
Dec 30, 2000 58.50 58.60 - - -
Dec 31, 2000 57.90 58.05 57.94 58.03
Dec 30, 2001 59.95 60.05 - - -
Dec 31, 2001 60.00 60.05 60.55 60.58
Oct 03, 2002 62.13 62.23 - - -
Dec 30, 2002 60.35 60.45 - - -
Dec 31, 2002 58.34 58.36 58.41 58.44
Dec 26, 2003 57.47 57.49 - - -
Dec 30, 2003 60.40 60.50 - - -
Dec 31, 2003 - - 57.39 57.40 -
Dec 30, 2004 60.05 60.15 - - -
Dec 31, 2004 59.42 59.44 59.54 59.56
Dec 30, 2005 60.35 60.45 - - -
Dec 31, 2005 59.71 59.73 59.81 59.83 -
Dec 30, 2006 60.45 60.55 - - -
Dec 31, 2006 60.91 60.92 60.90 60.92 -
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Considering events in 1977, a more closer look at quotations was deemed necessary.
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Effective Official or Average rate Remarks
Date or InterBank rates for the Median Nov 2007
Period Month or period Rate onward
(Average open
Bid Offer Bid Offer market rate)
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Feb 28, 2007 60.67 60.68 - - - -
March 08, 2007 60.70 60.72 - - - -
March 09. 2007 60.70 60.72 - - - -
March 10, 2007 60.72 60.73 - - - -
March 17, 2007 60.67 60.69 - - - -
March 22, 2007 60.70 60.72 - - - -
March 24, 2007 60.69 60.70 - - - -
March 26, 2007 60.70 60.71 - - - -
March 31, 2007 60.71 60.73 60.70 60.71 - -
April 30, 2007 60.65 60.66 60.70 60.71 - -
May 31, 2007 60.72 60.74 60.66 60.68 - -
June 30, 2007 60.36 60.38 60.61 60.63 - -
July 31, 2007 60.39 60.40 60.39 60.41 - -
Aug 31, 2007 60.61 60.63 60.52 60.54 - -
Sep 29, 2007 60.68 60.70 60.64 60.65 - -
Oct 31, 2007 60.72 60.73 60.68 60.70 - -
Nov 01, 2007 60.74 60.75 - - - -
Nov 08, 2007 60.93 60.95 - - - -
Nov 10, 2007 60.89 60.90 - - - 60.92
Nov 17, 2007 61.12 61.14 - - - 61.13
Nov 24, 2007 61.13 61.15 - - - 61.30
Nov 30, 2007 61.23 61.25 61.03 61.05 - -
Dec 01, 2007 61.25 61.27 - - - 61.20
Dec 08, 2007 61.26 61.28 - - - 61.40
Dec 15, 2007 61.00 61.03 - - - 60.90
Dec 19, 2007 60.81 60.83 - - - 60.70
Dec 24, 2007 61.06 61.08 - - - 60.80
Dec 26, 2007 61.31 61.32 - - - -
Dec 27, 2007 61.42 61.44 - - - -
Dec 31, 2007 61.98 62.02 61.21 61.23 - 61.00
2008
Jan 2, 61.83 61.86 - - - -
" 5 62.25 62.28 - - - 61.70
" 12 62.48 62.52 - - - 62.90
" 18 62.19 62.22 - - - 62.75
" 21 62.25 62.28 - - - 62.75
" 26 62.43 62.45 - - - 62.65
" 31 62.62 62.65 62.40 62.43 - -
Feb 1 62.73 62.76 - - - -
" 6 62.80 62.82 - - - -
" 11 62.92 63.13 - - - 62.90
" 16 63.11 63.13 - - - -
" 19 62.96 62.98 - - - 63.20
" 23 61.98 62.01 - - - 62.20
" 29 62.45 62.47 62.64 62.67 - -
March 1 62.60 62.64 - - - 62.53
" 3 62.70 62.73 - - - -
" 8 62.67 62.69 - - - -
" 10 62.78 62.82 - - - -
" 13 62.74 62.77 - - - 63.00
" 15 62.87 62.90 - - - -
" 17 62.82 62.84 - - - 63.03
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